Barbadians have to pay more for oil and petroleum from sunday midnight

Barbados: Petrol, gasoline, diesel, kerosene and liquified petroleum gas(LPG) have increased today, keeping in with the total cost for these products on the international market.

Today, oil marketing companies have increased the prices of gasoline by 4 cents, the prices of diesel by 12 cents and the prices of kerosene by 12 cents, respectively.

Barbadians have to shell out $3.99 per litre for gasoline, for diesel, they have to pay $3.40, and $1.55 for kerosene respectively.

Meanwhile, prices of petroleum products have jumped second time after 8 November.

Earlier, the retail prices of liquefied petroleum gas(LPG) for a 100-lb cylinder was $155.36, which has now increased by $18.24 and has jumped to $173.60;

The 25-pound cylinder which was earlier $43.94, has now jumped by $4.56 to $48.50, the 22-pound cylinder which was earlier $38.83 has now jumped by $4.01 to $42.84, and the 20-pound cylinder which was earlier sold for $35.30 has jumped by $3.65 and reached a benchmark of $38.95.

Contribution of petroleum industry towards Caribbean nations-

As Trinidad and Tobago has been considered as the largest producer of oil and gas. The nation has most of its economic dependence on the petroleum industry since the 1990s, with the energy sector currently comprising 34.9% of the overall GDP of the country.

But as of now, the small nation’s production has been decreasing as production from mature fields has fallen short and exploration of new fields has been slow in starting.

Now, Trinidad and Tobago is hoping that the new traces in nearby Guyana will bring more interest and investment to the Caribbean.